Modified employment, insolvency, and procurement laws to facilitate the nationalisation and property transfer of British Steel Limited.

These Regulations modify several areas of UK law—including employment, freedom of information, insolvency, and procurement—to facilitate the transfer of property and liabilities from British Steel Limited (ACo) to a state-owned company, SPV 2026 Limited (BCo).

They ensure all British Steel employees are transferred to the new entity while removing the statutory duty to consult with employee representatives during this specific process.

The instrument further exempts the new company from transparency requirements under the Freedom of Information Act 2000 and public procurement rules under the Procurement Act 2023, while protecting government ministers and agencies from being legally classified as shadow directors.

These provisions apply to the Secretary of State, UK Government Investments Limited, and the personnel and management of the involved companies starting 16 July 2026.

Transferred the assets and specific liabilities of British Steel Limited to a government-owned successor company and renamed both entities.

These Regulations transfer nearly all property, rights, and liabilities of British Steel Limited (ACo) to SPV 2026 Limited (BCo), a company owned by the Secretary of State, effective 16 July 2026.

The instrument excludes specific financial obligations, such as intra-group debts and unsecured loans, which remain with the original company.

It mandates that BCo assume the legal identity of British Steel Limited for the purpose of existing contracts and legal proceedings, while ACo is renamed 2026 Transferor Company Limited and BCo is renamed British Steel Limited.